數位資產：一週回顧

加密貨幣市場在夏季陷入低迷，反映出動盪的春季之後的一段停滯期。

Digital Assets: Week in Review

數位資產：一週回顧

By Jason Leibowitz, Managing Director, Head of Private Wealth at Hashnote

作者：Jason Leibowitz，Hashnote 董事總經理、私人財富主管

The crypto market finds itself in the summer doldrums, reflecting a period of stagnation following a tumultuous spring. The CoinDesk 20 Index, a barometer for the industry's health, declined by 11% this week, closing at 1919.91 on Monday. This drop, with all 20 assets registering losses and 16 recording double-digit declines, underscores the current bearish sentiment. Despite this, the index maintains a year-to-date gain of over 10%, hinting at the underlying resilience and potential for recovery in the market.

加密貨幣市場在夏季陷入低迷，反映出動盪的春季之後的一段停滯期。作為業界健康狀況晴雨表的CoinDesk 20指數本週下跌11%，週一收在1919.91。此次下跌，所有 20 種資產均出現虧損，其中 16 種資產出現兩位數跌幅，凸顯了當前的看跌情緒。儘管如此，該指數今年迄今仍保持超過 10% 的漲幅，暗示市場的潛在彈性和復甦潛力。

Among the assets, Solana (SOL) and Polkadot (DOT) emerged relatively unscathed, losing 6.2% and 6.3%, respectively. Their resilience amid the broader downturn highlights investor confidence in these projects' long-term viability. In stark contrast, Aptos (APT) suffered the most significant decline, plummeting by 19% week-to-date. This divergence in performance within the index offers a glimpse into the varied risk profiles and investor perceptions across different blockchain projects.

在這些資產中，Solana (SOL) 和 Polkadot (DOT) 相對未受影響，分別下跌 6.2% 和 6.3%。它們在更廣泛的經濟低迷時期的韌性凸顯了投資者對這些項目的長期生存能力的信心。與此形成鮮明對比的是，Aptos (APT) 的跌幅最為顯著，本週迄今暴跌 19%。指數內表現的差異可以讓我們了解不同區塊鏈項目的不同風險狀況和投資人看法。

The CoinDesk 20 Index's latest quarterly rebalance and reconstitution also marked significant changes. Dogecoin and Shiba Inu, previously mainstays of the index, were removed, making way for Hedera and Render. This shift signals a broader trend within the crypto market towards prioritizing innovative and cutting-edge blockchain projects over meme-based assets. The inclusion of Hedera and Render aligns with an industry-wide focus on technological advancement and real-world applications, positioning the index as a reflection of the market's forward-looking outlook.

CoinDesk 20 指數最新的季度重新平衡和重組也標誌著重大變化。先前該指數的支柱狗狗幣和柴犬被刪除，為 Hedera 和 Render 讓路。這一轉變標誌著加密貨幣市場中更廣泛的趨勢，即優先考慮創新和尖端的區塊鏈項目，而不是基於模因的資產。 Hedera 和 Render 的納入符合全行業對技術進步和實際應用的關注，使該指數反映了市場的前瞻性前景。

The current market stagnation is partly attributed to the drop in Bitcoin's hashrate following the latest halving event this spring. This decrease in mining activity has tempered the bullish momentum that often accompanies halving cycles. Meanwhile, the market eagerly anticipates the launch of Ethereum ETFs, which could inject fresh capital and interest into the sector. Additionally, global Bitcoin mining companies are in the process of accumulating new miners, set to be deployed in the coming months, potentially boosting the hashrate and reinforcing the network's security and robustness.

目前的市場停滯部分歸因於今年春季最近一次減半事件後比特幣算力的下降。採礦活動的減少削弱了通常伴隨減半週期的看漲勢頭。同時，市場熱切期待以太坊ETF的推出，這可能會為該行業注入新的資本和興趣。此外，全球比特幣挖礦公司正在累積新的礦機，預計將在未來幾個月內部署，這可能會提高算力並增強網路的安全性和穩健性。

Looking ahead, there appears to be a confluence of positive fundamentals that could reignite a crypto rally post-summer. The anticipated launch of the Ethereum ETFs, coupled with a projected increase in Bitcoin's hashrate, creates a favorable environment for market growth. Moreover, macroeconomic factors, such as the Federal Reserve's potential shift towards cutting rates after an extended period of hikes, could further stimulate investment into risk assets, including cryptocurrencies.

展望未來，積極的基本面因素似乎匯合在一起，可能會在夏季後重新點燃加密貨幣的反彈。以太坊 ETF 的預期推出，加上比特幣算力的預期成長，為市場成長創造了有利的環境。此外，宏觀經濟因素，例如聯準會在長時間升息後可能轉向降息，可能會進一步刺激對包括加密貨幣在內的風險資產的投資。

While the crypto market is currently navigating through a phase of consolidation and reduced activity, the horizon holds promising developments. The resilience of projects like Solana and Polkadot, the strategic realignment of the CoinDesk 20 Index, and the impending catalysts in the form of Ethereum ETFs and increased mining activity collectively point towards a potential resurgence. Investors with a long-term perspective may find this an opportune moment to position themselves ahead of the anticipated market upturn.

雖然加密貨幣市場目前正處於整合和活動減少的階段，但前景光明。 Solana 和 Polkadot 等項目的彈性、CoinDesk 20 指數的策略調整、以太坊 ETF 形式的即將到來的催化劑以及採礦活動的增加，共同預示著潛在的復甦。具有長遠眼光的投資者可能會發現，這是在預期的市場好轉之前做好準備的好時機。

For more insights from Hashnote follow them on LinkedIn and X.

如需了解 Hashnote 的更多見解，請關注 LinkedIn 和 X。

Authors' views and opinions are their own and not associated with CoinDesk Indices.

作者的觀點和意見僅代表他們自己，與 CoinDesk 指數無關。

This content was produced by CoinDesk Indices, Inc. (“CDI”) and not the CoinDesk Editorial team. CDI does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index.

此內容由 CoinDesk Indices, Inc.（「CDI」）而非 CoinDesk 編輯團隊製作。 CDI 不贊助、認可、出售、推廣或管理任何旨在根據任何指數表現提供投資回報的第三方提供的任何投資。

CDI is neither an investment adviser nor a commodity trading adviser and makes no representation regarding the advisability of making an investment linked to any CDI index. CDI does not act as a fiduciary. A decision to invest in any asset linked to a CDI index should not be made in reliance on any of the statements set forth in this material or elsewhere by CDI.

CDI 既不是投資顧問，也不是商品交易顧問，並且對於與任何 CDI 指數相關的投資的明智性不發表任何聲明。 CDI 不充當受託人。投資與 CDI 指數相關的任何資產的決定不應依賴於本資料或 CDI 其他地方所載的任何聲明。

CDI indices, including all content contained or used in any CDI index (the “Content”), are owned by CDI and/or its third-party data providers and licensors, unless stated otherwise by CDI. CDI does not guarantee the accuracy, completeness, timeliness, adequacy, validity or availability of any of the Content. CDI is not responsible for any errors or omissions, regardless of the cause, in the results obtained from the use of any of the Content. CDI does not assume any obligation to update the Content following publication in any form or format.

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Jason Leibowitz is the Head of Private Wealth for Hashnote.

Jason Leibowitz 是 Hashnote 私人財富部門的負責人。